In Canada, the average new car price is over $45,000. Even if you want to buy used, you’ll have to pay over $25,000.
Either way, it’s likely you don’t have the full amount to purchase a vehicle outright. So you’ll have to turn to car financing to get yourself some wheels.
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There are many companies for car financing in Canada though, which makes it challenging to find a reputable one. Before you pick one at random, you need to know what to look for.
Keep reading to see how to find the best company for an auto loan in Canada.
Look Outside of the Dealership
Your dealership might offer auto loans, which is convenient. But there are so many more options!
You can check with banks, credit unions, and most importantly, online lenders. Going online opens a world of opportunities for the best auto loans, so don’t limit yourself to a mediocre deal from your car dealership.
Check the Interest Rate
The lower the interest rate, the better. This is the percentage you’ll have to pay the lender, which is on top of the amount borrowed.
You can choose between a fixed or variable interest rate. Some people feel more secure with a fixed interest rate since you know what to expect monthly. But others like taking on some risk with a variable rate for potentially lower payments.
Whichever one you choose, make sure the lender explains the pros and cons clearly. Keep in mind that if you put down a large down payment, this can lower the interest rate.
Look at the Credit Checks
If you’ve got great credit, then it’ll be easier to get approval for auto loans. Not to mention, you’ll get better rates as well.
But if your credit score isn’t the best, you’ll run into several obstacles. You’ll be rejected a lot, and even with approval, the interest rates will be sky-high.
In this case, you’ll want to pick lenders who don’t run credit checks. Many will base their approval on your employment status, so if you’re currently employed, this is good news!
Don’t be in a hurry to choose the first lender that seems like they’re offering a good deal. Shopping around doesn’t hurt, so take time to research various lenders. Compare the interest rates and repayment plans to see which ones work best for you.
The extra time you spend just might land you an amazing deal, such as the ones you can find on Cars Fast!
Choose the Best Company for an Auto Loan in Canada
You should now have a good idea of how to find the best company for an auto loan in Canada.
Remember to check all the details and shop around to find the best auto loan companies. That time invested will pay off when you get yourself the most favorable terms for your car loan.
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